Dream11’s parent raises $225 million, valuation jumps to $2.5 billion

0
25


BENGALURU/NEW DELHI: Sports technology firm Dream Sports, the parent firm which has Dream11, FanCode and DreamX in its portfolio, has raised $225 million in primary and secondary investment led by Tiger Global Management, TPG Tech Adjacencies (TTAD), ChrysCapital and Footpath Ventures.

With this, the valuation of the startup has jumped to $2.5 billion from $1.1 billion in April 2019, according to multiple sources, which didn’t want to be named.

With this, Dream Sports continues to be the highest valued online gaming startup in the country, and the only one to break into India’s unicorn list. A startup is termed as a ‘unicorn’ if its valuation is above $1 billion.

Dream11 recently won the bid for the title sponsorship of the Indian Premier League (IPL) 2020.

“As a homegrown Indian company, we are proud to continue adding value to our 10 crore Indian sports fans, investors, employees and the overall sports ecosystem in India. In the last two years, we have grown beyond fantasy sports to sports content, merchandise, streaming, experiences, and there is much more to come,” said Harsh Jain, CEO and co-founder, Dream Sports.

Dream11 became a unicorn, valued at over a billion dollars ($1.1 billion), in April last year, when US-based hedge fund Steadview Capital led a $60 million round by purchasing secondary stakes from early investors. The company was valued at $700 million in September 2018, when it raised $100 million from Chinese internet giant Tencent.

“The sports sector has high growth potential in India. There is a significant opportunity to enhance the fan experience and we are excited to partner with Dream Sports to leverage technology in ways that will deepen the connection between Indian fans and the sports they love,” said Akshay Tanna, managing director, TPG.

“Dream Sports is the largest and fastest-growing Sports Tech platform in the country with a phenomenal track record. ChrysCapital is excited to be a part of their vision to transform the way sport is consumed through technology and innovation,” said Kshitij Sheth, vice president, ChrysCapital.

Avendus Capital was the financial advisor to Dream Sports on this transaction.

On its platform, Dream11 allows users to play fantasy cricket, football, kabaddi, basketball, hockey, volleyball, amongst other sports. The company’s FanCode offering is a multi-sport aggregator platform for sports fans, focusing on long-tail sports content and contextual commerce.

Dream11 had launched FanCode in April 2019, which has amassed over 1.5 crore app installs already.

Dream Sports also has a sports accelerator, called DreamX which supports innovative ideas and entrepreneurs, in the sports ecosystem. DreamX already houses DreamSetGo, which offers sports tours and packages for popular sporting events, and DreamPay, the company’s payment arm.

Earlier this year, Dream Sports had said it will be hiring another over 250 members to its team.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here